Canamex Announces Further Positive Drill Results and Plans to Test High Grade Structure at the Bruner Gold Project, Nye County, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/07/13 -- Canamex Resources Corp. (the "Company") (TSX VENTURE: CSQ)(OTCQX: CNMXF)(FRANKFURT: CX6) is pleased to announce positive assay results from five reverse circulation drill holes (B-1303 to B-1307) completed on drill pad number two (Section 480mN) at the Penelas East discovery area on the Bruner gold project, Nye County, Nevada. Drill pad number two is located 80 meters north of drill pad number one (Section 400mN) where holes B-1301 and B-1302 were drilled (see news release April 23, 2013).
"We are encouraged by these results," stated President and COO Greg Hahn. "All five holes are mineralized and could be accessible by open pit. These holes were all drilled and completed before results were received from drill hole B- 1301. Importantly, a three dimensional analysis of the high grade intercepts encountered in discovery hole B-1201 (see news release dated July 18, 2012) and B-1301 suggest the +110 gpt Au intercepts (+3 opt ) are contained in a steep- eastward dipping structure which was not penetrated by drill holes B-1303 to B-1307."
Summary of Results
Drill Hole Interval (ft.) thickness (ft.) opt Au gpt Au
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B-1303 125-255 30 0.046 1.585
355-385 30 0.011 0.367
455-495 40 0.014 0.475
535-545 10 0.014 0.472
B-1304 40-90 50 0.010 0.355
250-265 15 0.017 0.576
475-495 20 0.015 0.508
B-1305 225-230 5 0.070 2.400
565-630 65 0.018 0.671
B-1306 15-20 5 0.063 2.150
345-510 165 0.032 1.090
B-1307 10-25 15 0.013 0.460
135-145 10 0.012 0.420
255-265 10 0.023 0.798
345-380 35 0.010 0.350
470-475 5 0.056 1.925
540-570 30 0.020 0.674
620-645 25 0.037 1.275
All other intervals contained less than 0.01 opt Au (0.34 gpt).
Project geologists have not determined the attitude of all of the mineralized intercepts and therefore cannot determine the true width of any of the reported intercepts at this time.
Drilling on the Northern Extension to the Historic Resource Area
Since completion of drill holes B-1303 through B-1307, the results for which are reported here, the drill rig has been drilling on the northern extension to the historic resource area. Six holes on two sections have been completed. Results from these holes will be announced as they are received and analyzed, and are expected to be released on a section-by- section basis going forward. The Company plans to drill one more section at the northern extension to the historic resource area and then return to the Penelas East discovery area.
New Penelas East Drill Program to Test High Grade Intercepts
As stated by Greg Hahn, a three dimensional analysis of the high grade intercepts encountered in holes B-1201 and B- 1301 suggest the +110 gpt Au ( +3 opt) intercepts are contained in a steep-eastward dipping structure which was not penetrated by the holes drilled from drill pad number two and reported here. Therefore, a new pad has been constructed on section 540mN, from where an historic hole drilled by Newmont Mining Corporation (BRU-085) intersected 95 feet grading 0.057 opt Au, including 5 feet grading 0.602 opt Au, which is believed to be the upper extension of the high grade structure encountered in B-1201 and B-1301. Once the third section is completed in the northern extension to the historical resource, the Company plans to move the rig back to the new pad (drill pad number three) at the Penelas East discovery area to drill test the open extensions to the high grade zone encountered in holes B- 1201 and B-1301. This phase of drilling should commence mid-June.
Quality Control
Drill samples are stored on a locked storage facility on site and were retrieved by ALS-Chemex personnel, transported in their custody to the ALS-Chemex laboratory in Reno/Sparks, Nevada, where they were dried, crushed, and split, and representative splits sent to the ALS-Chemex laboratory in Vancouver for gold and silver analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
Robert Kramer, Chairman and CEO
Forward-Looking Statements:
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward- looking statements in this news release include statements with respect to the estimated costs and timing of drilling programs on the Bruner property, the potential mineralization and geological merits of the Bruner property, and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's planned 2013 drilling program(s) on the Bruner property, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2013 exploration programs will proceed as planned and within budget. Canamex expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Canamex Resources Corp.
Robert Kramer
(604) 336-8621
Canamex Resources Corp.
Andrew Mugridge
(604) 559-5573
andrew@networkir.com
Canamex Resources Corp.
Benjamin Curry
(604) 559-5573
ben@networkir.com
www.canamex.us